证券代码：605287 证券简称：德才股份 公告编号：2026-005 德才装饰股份有限公司 2025 年年度业绩预告 本公司及董事会全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 业绩预告的具体适用情形：净利润实现扭亏为盈。 业绩预告相关的主要财务数据情况：德才装饰股份有限公司（以下简称 "公司"）预计 2025 年度实现归属于母公司所有者的净利润为 5,100 万元到 6,100 万元，与上年同期相比，将实现扭亏为盈。预计 2025 年度实现归属于母 公司所有者的扣除非经常性损益的净利润为 4,000 万元到 5,000 万元。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 经公司财务部门初步测算，预计 2025 年度实现归属于母公司所有者的净利 润 5,100 万元到 6,100 万元，与上年同期相比，将实现扭亏为盈。 预计 2025 年度实现归属于母公司所有者的扣除非经常性损益的净利润 4,000 万元到 5,000 万元。 （三）本 ...

Core Viewpoint - The company reported a total of 72 new projects signed in Q4 2025, with a total project value of RMB 847 million, indicating a decrease in the number of projects but an increase in project value compared to the previous year [1] Group 1: Project Performance - The number of new projects signed decreased by 1.37% year-on-year [1] - The total value of new projects signed increased by 25.20% year-on-year [1] Group 2: Project Categories - The company focused on expanding "urban renewal" and "urban supporting" projects, with new project values of approximately RMB 1.625 billion and RMB 1.800 billion, respectively [1] - The combined value of "urban renewal" and "urban supporting" projects accounted for approximately 78.15% of the total new project value for the year 2025 [1]

(一)公司战略聚焦"城市更新"与"城市配套"领域，深度参与国家"三大工程"建设项目，订单结构持续优 化，项目质量稳步提升，毛利率改善带动整体毛利润增长。(二)上年度受行业环境与项目回款放缓影 响，公司对应收账款及抵债资产计提减值准备。本报告期内公司进一步完善应收账款管理机制，持续强 化应收款项回收力度，加快抵债资产去化进程，未发生大额减值计提情况，对当期利润产生积极影响。 (三)公司持续推进精细化管理，通过全面实施一系列降本增效举措，有效强化费用管控，显著提升整体 运营效率与财务稳健性。 格隆汇1月26日丨德才股份(605287.SH)公布，公司预计2025年度实现归属于母公司所有者的净利润为 5100万元到6100万元，与上年同期相比，将实现扭亏为盈。预计2025年度实现归属于母公司所有者的扣 除非经常性损益的净利润为4000万元到5000万元。 本期业绩盈利的主要原因： ...

2025年，公司持续开拓"城市更新"与"城市配套"两类项目，新签"城市更新"类项目金额约为16.25亿元， 新签"城市配套"类项目金额约为18.00亿元，上述两类项目约占2025年全年累计新签项目总金额的 78.15%。 格隆汇1月26日丨德才股份(605287.SH)公布，2025年第四季度，公司及子公司新签项目数量总计72个， 新签项目金额为人民币8.47亿元，新签项目数量较上年同期减少1.37%，新签项目金额较上年同期增加 25.20%。 ...

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of the parent company between 51 million to 61 million yuan for the fiscal year 2025, marking a turnaround from losses in the previous year [1] Financial Performance - The projected net profit for 2025 represents a significant improvement compared to the previous year, with a forecasted net profit excluding non-recurring gains and losses between 40 million to 50 million yuan [1] Strategic Focus - The company is strategically focusing on "urban renewal" and "urban supporting" sectors, actively participating in national "three major projects," leading to an optimized order structure and improved project quality, which in turn enhances gross profit margins [1] Accounts Management - In the previous year, the company faced challenges due to industry conditions and slow project payments, leading to provisions for impairment on accounts receivable and debt assets. However, during the current reporting period, the company has improved its accounts receivable management and intensified collection efforts, resulting in no significant impairment provisions, positively impacting current profits [1] Operational Efficiency - The company continues to implement refined management practices, executing a series of cost reduction and efficiency enhancement measures, which effectively strengthen expense control and significantly improve overall operational efficiency and financial stability [1]

Investment Rating - The report indicates a positive investment outlook for the industry, highlighting a "golden window period" for the short drama sector, with expectations for significant growth in the coming years [2][11]. Core Insights - The short drama industry has reached a scale of nearly 1 trillion yuan, surpassing both the film and long video sectors, with a projected compound annual growth rate (CAGR) of over 50% from 2023 to 2026 [11]. - The market for animated dramas is expected to exceed 22 billion yuan by 2026, contributing 50% of the incremental growth in the short drama industry [11]. - ByteDance is positioned as the absolute leader in the animated drama sector, leveraging its "traffic + IP + AI" integrated strategy to dominate the market [2][17]. - The application of AI technology is transforming the production paradigm of animated dramas, reducing production cycles from over 50 days to under 30 days and significantly lowering costs [3][21]. Summary by Sections Section 1: The Golden Window for Short Dramas - The short drama market has surpassed 1 trillion yuan, with user engagement increasing, and the average daily viewing time expected to exceed 100 minutes by 2025 [11]. - The market has entered a phase of rapid growth and commercialization, with significant increases in both supply and demand for animated dramas [11][12]. Section 2: AI Reshaping Production Paradigms - AI technologies are enabling a shift from manual production to industrialized generation, with production costs dropping to the thousand-yuan level [3][21]. - The integration of AI in production processes is expected to streamline workflows, reducing the number of steps from 11 to 5 and cutting costs by 60% [3][24]. Section 3: Trends in AI Applications - The report anticipates a significant uptick in AI applications by 2026, driven by the need for software to leverage substantial computational investments [4][31]. - Companies are increasingly integrating AI into their business models, with some reporting that AI-related revenues account for over 10% of total income [4][31]. Section 4: Related Investment Targets - Key investment targets include companies such as DeCai Co., Zhaochi Co., and Wanxing Technology, among others, which are positioned to benefit from the growth in the animated drama and AI sectors [5][40].

Market Overview - US stock market continues to rise, with Dow Jones up 0.63%, Nasdaq up 0.91%, and S&P 500 up 0.55% [1] - Meta shares increased by 5.66%, marking the largest single-day gain since July 31 [1] - Tesla shares rose by 4.15%, while Microsoft and Amazon saw increases of at least 1.31% [1] Company Developments - Intel's Q1 guidance is disappointing, leading to a post-market drop of over 10% [2] - Nvidia completed a $5 billion investment in Intel in Q4 [2] - Tesla plans to sell humanoid robots to the public by the end of this year or next year [3] - OpenAI is quietly developing humanoid robots with a team of 100 in San Francisco [4] - Meta's Threads platform has surpassed 400 million monthly active users and is launching ads globally [5] Commodity Insights - Goldman Sachs raised its gold price target to $5,400, indicating that wealthy individuals are competing with central banks for limited physical reserves [6] - COMEX gold futures rose by 1.97%, while silver futures increased by 4.05%, both reaching historical highs [7] - US natural gas futures prices surged by 81% within three days, reaching the highest level since December 2022 [7] Regulatory and Policy Updates - The People's Bank of China (PBOC) Governor Pan Gongsheng stated there is still room for further interest rate cuts and reserve requirement ratio reductions this year [8] - The Ministry of Commerce and other departments encourage horizontal mergers and acquisitions in the pharmaceutical retail sector [12] - The State Council's Food Safety Office is drafting national standards for prepared dishes and will seek public opinions soon [12] Industry Trends - The semiconductor industry is seeing significant developments, with Alibaba's T-HEAD planning for an independent IPO [10] - The prepared food sector is undergoing a transformation, with a focus on quality and safety in the supply chain [11] - The retail pharmacy industry is expected to accelerate consolidation, with a projected decrease in the number of pharmacies by nearly 20,000 since Q4 2024 [13] Financial Projections - Zhaoyi Innovation expects a net profit of approximately 1.61 billion yuan for 2025, a 46% increase year-on-year [17] - Shengmei Shanghai anticipates revenues between 6.68 billion and 6.88 billion yuan for 2025, reflecting a growth of 18.91% to 22.47% [18] - Runtu Co. forecasts a net profit of 600 million to 700 million yuan for 2025, representing a growth of 181.05% to 227.89% [18]

从资金流向上来看，当日装修装饰板块主力资金净流出1.29亿元，游资资金净流出4622.55万元，散户资 金净流入1.75亿元。装修装饰板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603828 | ST柯利达 | 7.42 | -1.20% | 11.52万 | - 8479.43万 | | 600234 | 科新发展 | 13.06 | -1.06% | 4.47万 | 5889.09万 | | 002620 | ST瑞和 | 6.18 | -0.48% | 10.15万 | 6345.81万 | | 002811 | 郑中设计 | 16.61 | -0.36% | ﻛ 5.18万 | 8596.91万 | | 002822 | ST中装 | 3.73 | -0.27% | 25.15万 | 9515.52万 | | 002789 | *ST建艺 | 10.24 | 0.10% | 3.20万 | 3261.74万 | | 002081 | 金螳螂 | 3.76 | ...

Group 1 - The decoration and renovation sector saw an increase of 0.65% on January 21, with ST Mingjiahui leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the decoration sector included ST Mingjiahui, which rose by 11.96% to a closing price of 4.68, and De Cai Co., which increased by 9.99% to 43.69 [1] Group 2 - The main funds in the decoration sector experienced a net outflow of 160 million yuan, while retail investors saw a net inflow of 139 million yuan [2] - The trading volume for ST Mingjiahui was 350,600 shares, with a transaction value of 160 million yuan [1] - The stock performance varied, with some stocks like ST Keli Da and Hainan Development showing declines of 4.94% and 2.64% respectively [2] Group 3 - The net inflow of funds for De Cai Co. was 25.33 million yuan, while it faced a net outflow from retail investors of 13.39 million yuan [3] - ST Chuangxing had a significant net inflow from main funds at 12.87 million yuan, but also saw a net outflow from retail investors of 3.75 million yuan [3] - The overall fund flow indicates a mixed sentiment among institutional and retail investors within the sector [3]

Group 1 - The company announced the resignation of Mr. Zhang Kun from the board of directors due to work arrangements, effective from January 16, 2026 [1] - Mr. Zhang's resignation does not affect the minimum number of board members required by law, and he has completed the necessary handover work [1] - The board expressed gratitude for Mr. Zhang's contributions to the company's operations and development during his tenure [1] Group 2 - Prior to the reduction plan, shareholder Qingdao Chengshi Private Fund Management Co., Ltd. held 4,843,947 shares, representing 3.46% of the company's total share capital [3] - The reduction plan included a maximum of 1,400,000 shares to be sold through centralized bidding and 2,800,000 shares through block trading, with specific timeframes for each method [4][5] - As of January 16, 2026, the shareholder completed the reduction plan, selling 1,400,000 shares through centralized bidding and 2,797,300 shares through block trading, leaving them with 646,647 shares, or 0.46% of the total share capital [5]